- BankiFi launched its Open Money Administration platform this week.
- The U.Ok.-based fintech constructed its newest providing to convey the advantages of each embedded banking and open banking to small and medium-sized companies.
- A “supercharged” model of BankiFi’s present platform, the brand new providing works alongside current accounting methods and requires no tech integration.
The brand new Open Money Administration platform provided by BankiFi will present SMEs with a totally embedded banking service that allows them to handle all kinds of banking capabilities. Invoicing, funds, collections, accounting, money forecasting, and dealing capital optimization insights are all obtainable through the platform, which is constructed with small and medium-sized companies in thoughts.
“The Open Money Administration Platform is a enterprise banking tremendous app,” BankiFi Chief Product Officer Marijke Koninckx mentioned. “With Open Money Administration, banks can provide their small enterprise clients a full embedded banking service, which revolves round procure to pay and order to money workflows. As a substitute of providing a banking channel for easy duties, akin to checking account balances and making funds, banks can as a substitute provide a wealthy and complete service to their SMBs centered round a financial institution’s model and digital channel.”
The brand new providing is described by the corporate as a “supercharged” model of its present service that mixes the advantages of each embedded and open banking. The platform leverages a set of pre-existing financial institution connectors that permit the answer to be onboarded with out the hassles of expertise integration. The answer additionally works alongside the corporate’s current accounting system.
Based in 2018 and headquartered in Manchester, U.Ok., BankiFi started 2022 by serving to TSB launch a brand new app, Revenu, that can allow small companies to leverage SMS, WhatsApp, electronic mail, and QR codes to receives a commission quicker. Additionally this yr, BankiFi introduced that it was becoming a member of the Visa Fintech Associate Join program to assist convey SME enterprise banking options to Visa’s purchasers and companions.
BankiFi has raised $3.7 million in funding, in keeping with Crunchbase. The corporate consists of Co-Operative Financial institution, Praetura Ventures, Tech Nation Fintech, the Nationwide Constructing Society, and the FIS FinTech Accelerator in Partnership with The Enterprise Middle amongst its buyers.
Picture by Karolina Grabowska